in a narrow vote, the u.s. senate has passed a bill to president obama first proposed the reforms more than a year ago and said he wants to sign it into law next week. going to our new york bureau now. this has been hard fought. how big a deal is it? >> it certainly has been hard fought. and the fact, they only managed to get 60 democratic votes to get it through in the senate. the have been trying to get it for a long time. all of this is designed to try and stop the financial crisis that we saw start in 2007 and 2008. >> it does not mean there will not be future crises. it may mean that the implications are less severe, presumably. >> well, in theory, it to end -- it should try to stop some of these symptoms and the causes of the problems we have seen. already, critics are coming forward and complaining. for example, that it does not address the problems in the housing market. in particular, the lending practices of the housing giant fannie mae and freddie mac. people are saying this does not necessarily go f